The Bank of Russia will propose a number of changes in the legislation for the adoption of new tech

The Central Bank of the Russian Federation

The Central Bank of the Russian Federation intends to propose in the next year a number of changes in the legislation, in order to accelerate the elaboration and adoption of new tech.

Deputy Chairman of the Bank of Russia Olga Skorobogatova has informed about it in the speech dedicated to her election to the Board of Directors of the Central Bank.

She recalled that in October, the Central Bank, in contribution with the ten largest banks was created a consortium "Fintech" for the insertion financial innovations and running blockchain technology. It is assumed to develop various directions, including blockchain, but it will require amendments to existing legislation.

"In order to accelerate the elaboration and infiltration of new technologies, in the following year the Central Bank will submit a number of changes in legislation", - noted Skorobogatova.

This work will require the efforts not only from the Bank of Russia, so to the advisory council of the consortium will income representatives of ministries and departments.

All of them will agree on necessary changes at an early stage when new solutions are launched only to the market could take advantage of them right away, in lieu of waiting two or three years of the adoption of the amendments.

Olga Skorobogatov is Deputy Chairman of the Central Bank of the Russian Federation from July 2014. She is liable for the calculations, info technology and the elaboration of payment systems.